Synopsis: Did you know your land can help raise your house price as much as 5 percent? Don't let it drop the price by up to 10 percent!
According to a recent Realty Times article, buyers are focusing more and more on the outdoor living space, which can either help you raise your selling price or make it plummet. The Hearth, Patio and Barbecue Association (www.hpba.org) calls this the development of the "outdoor room." In essence, people are interested in creating an outdoor living space that is comparable to an indoor family or great room, and they are willing to pay dearly for it.
According to Grounds Maintenance magazine (http://grounds-mag.com), a study by Mark Henry of the Department of Agriculture and Applied Economics at Clemson University found that the quality of landscaping had a big impact on resale value. In the study, the sale prices of 288 homes were related to house characteristics, location and landscape quality. Local landscape professionals rated the landscape quality as either excellent, good, fair or poor. A house that earned an "excellent" landscape quality rating could expect a sale price 4 to 5 percent higher than equivalent homes with "good" landscaping, and 8 to 10 percent higher than homes with a "fair" to "poor" rating.
Why is landscaping so important? First, it makes a big first impression on prospective buyers. Second, when the property is appraised, landscaping is something that is taken into consideration. For example, a mature tree can have a value of up to $10,000, as determined by the Guide for Plant Appraisal, written by the Council of Tree and Landscape Appraisers. Finally, if landscaping is something that is going to be on a potential buyer's mind, then you should not give them a reason to look elsewhere.
Robert Irwin, the author of Improve the Value of Your Home up to $100,000: 50 Surefire Techniques and Strategies, and Ilyce Glink, the author of 50 Simple Steps You Can Take to Sell Your Home, suggest some simple ways you can help make your land a landscaping Mecca.
Step One: If your garden is nothing more than weeds, then rototill the soil, and spread about $50 worth of seed over the garden. Tidy it up, hiding all toys and other misplaced items. A few weeks and $100 later, you will have added $1,000 or more to your property.
Step Two: Plant some low flowers or shrubs around your lot. Add a couple of fruit trees - these are attractive, and will not grow too large. Remove any unsightly trees - ones that are too tall or are in an inappropriate location.
Step Three: Add a deck or patio. You can use paving stone or bricks for a cost-effective way of creating a pleasant patio area.
Remember to make your "outdoor living room" look as big as possible, as neutral as possible and as clean as possible. Allow potential buyers' imaginations to explore the possibilities your land has to offer.